Sugar Futures Jumps Higher On Thursday

Sugar Futures jumps higher on Thursday tracking higher International prices. Higher domestic supplies and steady physical demand is keeping the prices sideways. Recent drop in global sugar prices and a stronger rupee make overseas purchases viable for the Indian refiners despite stiff import tariffs of 40%. According to government data, Sugarcane acreage in the country was at 47.5 lakh ha, higher than 44.8 lakh ha a year ago.

ICE Raw sugar futures made their biggest one-day jump in nine months on Thursday, on speculative short-covering above the prior session's 16-month low as traders eyed a potentially large delivery against the July contract set to expire on Friday. As per UNICA, Mills in Brazil's Centre-South region produced 2.38 mt sugar during the first fortnight of June, up 97.8% from 1.20 mt produced a year ago.

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